Spin-off as a financial strategy: study on determinants
Arquivos
Tipo
Dissertação
Data de publicação
2021-08-06
Periódico
Citações (Scopus)
Autores
Ikeda, Wilson Eduardo
Orientador
Forte, Denis
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Nakamura, Wilson Toshiro
Betrancea, Larissa Margareta
Betrancea, Larissa Margareta
Programa
Administração de Empresas
Resumo
This is a multi-country event study that involved 1,032 spin-off transactions with 921 parents’ companies and 1,101 subsidiaries. We assessed spin-off determinants for short- and long-term performance. Moreover, we investigated whether is adequate to compare market returns of companies from several countries using their local index. Our short-term (CAR) results were aligned with previous studies with a CAR near the event window of +1.6%, p<0.01. Long-term (BHAR) for the parent was -4.86%, p<0.01, for the subsidiary was -0.47%, non-significant, and combined -2.93%, p<0.01. There is no apparent influence of potential determinants for CAR or BHAR. Grouping the best-performing companies versus the worst performance, we found a similar profile in both groups. These observations were made for CAR and BHAR results.
Descrição
Palavras-chave
spin-off , determinants , CAR , BHAR , multi-country event study
Assuntos Scopus
Citação
IKEDA, Wilson Eduardo. Spin-off as a financial strategy: study on determinants. 2021. 125 f. Dissertação (Mestardo em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo. 2021.